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Since legislative programmes must provide subsidies and guarantees, the present Communication clarifies that the requirement in Article 133(5) of the CRR would be met when the public sector provides equity financing, debt financing, grants, and/or guarantees resulting in minimum levels of co-investment and/or a minimum reduction of the exposure value of the co-investing institutions at the inception of each legislative programme. Institutions can apply the favourable prudential treatment to equity exposures incurred under legislative programmes which subsequently achieve lower levels of co-investment and exposure value reduction if the dilution of the participation of the public sector is due to their success in attracting private capital.

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Source: EUR-Lex (Cellar) · retrieved 2026-09-07 · Text as adopted (Official Journal); later amendments are not incorporated in this text.